E-Financial
Heritage Bank Enters Last Lap of Enterprise Integration
Heritage Bank has commenced the final round of activities on its time-table for the integration of the acquired Enterprise Bank into the mainstream of its processes and operations.
The latest round of activities, according to the Bank, is coming on the heel of the completion of all preliminary internal checks and audit of processes at Enterprise Bank which began shortly after the Board Divestment Closure ceremony organised by the Asset Management Corporation of Nigeria (AMCON) last month to signal final disengagement of the corporation from Enterprise Bank.
Consequently, the management of Heritage Banking Company Limited has formally announced the appointment of Mrs. Mary Akpobome, Bank’s Executive Director, Retail Banking, as the Acting Managing Director for Enterprise Bank during the transition period.
Mrs. Akpobome is saddled with the responsibility of managing the internal transition processes within Enterprise Bank as well as ensuring seamless integration of the bank into the Heritage Bank operating system and culture in a way that protects all stakeholder interests.
The exercise which spans people, process, systems and value integration is estimated to a last a couple of months.
Mary Akpobome, a seasoned banker par excellence with over 20 years’ experience joined Heritage Bank in 2012 as the Executive Director, Ivory Banking.
A woman with an eagle eye for growth opportunities, Mary was a key executive member in the acquisition of Enterprise Bank by Heritage Bank in 2014.
A well decorated banking veteran, Mary has in the past successfully undertaken similar tough but sound business decisions that revolutionized the banking business and generated substantial profits for shareholders from her days at Citizens Bank and Bank PHB.
Her years of experience spans different spheres of the banking space such as Commercial Banking, Private Banking, Customer Service, Information Technology, Banking Operations, etc.
Holder of an executive MBA from the University of Lagos, Lagos State and a B.A (Hons.) Theatre Arts degree from the University of Benin, Edo State, she has also attended several certified courses both locally and internationally.
She is an alumni of the ‘Insead’ Business School, IMD Switzerland, LBS Pan- Atlantic University and EMRC Brussels, Belgium.
She is also a fellow of the Institute of Credit Administrators, Associate Member of Nigerian Institute of Management and a Member of the Chartered Institute of Bankers.
Speaking earlier this year at the AMCON Board Divestment Closure ceremony where the corporation fully handed over Enterprise Bank to the new owner, Mr. Ifie Sekibo, managing director, Heritage Banking Company Ltd (Heritage Bank), had observed that the handing over gave Heritage Bank added impetus to roll out a more robust plan that would affirm its commitment to the promise of creating and preserving wealth across generations through highly personalized banking service.
“We promise to make the bank more successful. We will create more value and improve on what has been done at Enterprise Bank. One year from now, all stakeholders will see reasons to appreciate the sale of Enterprise Bank to Heritage Bank”, Sekibo said.
The Enterprise Bank acquisition, according to analysts and watchers of the nation’s banking sector, was a strong step to ensure that Heritage Bank, which entered the market in 2013 with a regional bank status, transforms into a strong national bank.
The addition of Enterprise Bank’s over 160 branches, over 177 ATMs, 57 Cash Centres and 2000 POS Terminals spread across major markets and commercial centres in the country will increase Heritage Bank’s points of presence from the current 15 Experience Centers (Branches) to nearly 200 branches spread all over the country. This automatically transforms the bank from a tier-2 player to a strong tier-1 player.
Sterling Bank has called for the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.
The announcement, made on April 1st, initially sparked widespread arguments, with many assuming it was a marketing prank tied to April Fools’ Day.
However, Sterling Bank, in a statement, has confirmed that it is not a stunt, that the zero-transfer-fee policy was real, and effective immediately.
With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.
“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, growth executive leading the Consumer and Business Banking Directorate, Sterling Bank
“This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added.
“Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” it sated.
Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.
The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.
We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values.”
Fidelity Bank Plc has reported a pre-tax profit of N385.2 billion for 2024, representing a 210 per cent growth compared to the N124.3 billion recorded in 2023.
Dr Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc,
The bank, in a statement released on Monday, declared a total dividend of N2.10 per share following its strong financial performance in 2024.
Gross earnings increased by 87.7 per cent to N1,04 trillion, driven by a 106.9 per cent growth in interest and similar income to N950.6 billion.
The increase in interest income was attributed to improved yields on earning assets and a 51.6 per cent expansion in the earnings base to N6.3 trillion.
This led to a profit after tax of N278.1 billion, representing a 179.6 per cent annual growth.
Commenting on the results, Dr Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc, expressed satisfaction with the growth.
“We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality and significant traction in our strategic business segments.
“Our impressive results led to a triple-digit increase by 210 per cent in Profit Before Tax (PBT), rising from N124.3 billion in 2023 to N385.2 billion in 2024,” she said.
A further review of the financial performance revealed that the bank’s net interest income increased by 127.1 per cent to N629.8 billion, driven by a high-yield environment in 2024.
To optimise its margin, the bank maintained asset yields above funding costs by maintaining a high low-cost deposit profile at 92.6 per cent.
This led to an increase in its Net Interest Margin from 8.1 per cent in 2023 FY to 12.0 per cent.
Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9 percent from N4 trillion in 2023 financial year to N5.9 trillion.
The increase was driven by strong double-digit growth across all deposit types.
The Retail Banking Business gained significant traction, with savings deposits increasing by 28.8 per cent to N1.1 trillion, marking the 10th consecutive year of double-digit annual growth in savings deposits.
In spite of the challenging economic conditions in 2024, the bank continued to support the real sector of the economy by increasing its Net Loans and Advances from N3.1 trillion in 2023 to N4.4 trillion in 2024.
“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders.
“In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share,” Onyeali-Ikpe explained.
Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year.
This is subject to shareholders’ approval at its forthcoming Annual General Meeting (AGM) on April 29, 2025.
The dividends will be paid on April 29, 2025, to shareholders whose names appear on the register of members as of April 15, 2025.
The bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed.
Securities and Exchange Commission (SEC), has warned promoters and operators of entities engaged in a prohibited scheme that they will be liable to a penalty of not less than N20 million or imprisonment to a term of 10 years or both under the newly signed Investments and Securities Act (ISA) 2025.
Dr Emomotimi Agama, director-general, SEC,
Dr Emomotimi Agama, director-general, SEC, said it is one of the provisions of the ISA 2025 recently assented to by President Bola Tinubu.
Agama said this in a statement in Abuja on Tuesday said the new Act would strengthen the legal framework governing Nigeria’s capital market.
Agama said the commission previously lacked the legal power to prosecute Ponzi scheme operators, which had made it difficult to bring offenders to justice.
He said the Act would help the commission to better protect investors, and introduce reforms that would promote market integrity, transparency, and sustainable growth.
”So, N20 million is not the entire penalty or the entire money that will be charged or sanctioned to any suspecting or any accused capital market or non-capital market operator.
”It is just part of the penalties and or the sanctions that will be meted against such persons.
”Any profits or gains obtained from defrauding Nigerians will be recovered because it is not about the quantum of the fraud, it is about sanctions that will deter people from even getting into it.
”We recognise that a lot of Nigerians have fallen prey to these schemes and the reason why that is the case is because there were no sanctions.
”Protecting the investors in Nigeria is a cardinal responsibility of SEC and this law has provided the SEC with stronger powers to be able to do that,” he said.
The director-general said the Act had also introduced transformative provisions to further align Nigeria’s market operations with international best practice.
ISA, 2025, had repealed the Investments and Securities Act No. 29 of 2007.
Credit: NAN
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